EU launches innovative tool to leverage investments in Kenya

The European Union (EU) on Wednesday launched its External Investment Plan (EIP) with the private sector in Kenya during an outreach workshop held with entrepreneurs in Nairobi.

The workshop, which brought together key institutions and individuals, had its main focus on private sector support through innovative products, which the European Union finances in cooperation with International and European financial institutions

Speaking at the event, EU’s Chargé d’Affaires a.i. in Kenya, Walter Tretton said that the main objectives of the EIP were to uplift private and public investment through a variety of financial instruments, including grants provided by the EU.

“I welcome this initiative that will boost both private and public investment in Kenya, enhancing a favourable investment climate and creating jobs especially for young people,” he said.

Tretton also said that the EIP will play a vital role in contributing to the creation of sustainable investments and job creation, foster innovation and sustainable economic growth in the framework of an integrated and participative approach as well as strengthen economic and commercial ties between Europe and Africa.

Some grant/loan blending operations that have already started as part of the EIP in Kenya include projects in the transportation, energy, water and sanitation as well as agriculture sectors, and a good many more are in an advanced stage of preparation.

A large number of international and European financial institutions (AFD/PROPARCO, AfDB, AECID, CDP, COFIDES, EIB, FMO, IFC, KfW) participated in the event which was attended by Kenyan and European business associations as well as by more than 100 companies active in Kenya.